Stock Analysis

• The fourth grinding line has entered execution; it is expected to lift capacity by about 25% to roughly 60 million tonnes per year, with first production in mid FY30.

• In the fourth quarter, Motheo's copper-equivalent production rose 65%, helped by the higher-grade A4 open pit reaching commercial production, and mill throughput hit a record 7.1 million tonnes a year rate.

• In the September quarter, Vault sold 79,085 ounces at an average realised price of A$6,023 per ounce.

• The Lionheart package totals €2.2 billion, comprising strategicEquityand debt, with financial close reported in the second quarter of 2026 and earlier coverage dating the package's announcement to December 2025.

• The average realised price was US$4,240 per ounce, with Sanbrado at US$4,214 and Kiaka at US$4,262.

• First, growthInvestmentof $142 million in the fourth quarter shows the company is reinvesting heavily in its mines and infrastructure.

•Superannuationand Investments earned underlying NPAT of $32 million, up 18.5%, and net cash flows excluding pension payments were positive $76 million against an outflow of $75 million a year earlier.